BTC update 02.02.18

in #btc3 years ago

The chart has spoken today. This cannot be the final low in BTC, because wave 3 would be the shortest and that is impossible.

So this whole drop is likely yellow wave 3. This sharp rise after the low should be the beginning of yellow wave 4 like this:

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My target for the end of this correction is within the range of 7,500$-6,000$ BTC... stay tuned...

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If you think this to be useful information:
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Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.

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"This cannot be the final low in BTC, because wave 3 would be the shortest and that is impossible" - but you count might be wrong and then impossible becomes possible ;)

Yeah he is probably wrong :D Bitcoin will fly to 20k tomorrow ;D
Damn I'm tired of crypto blood.

Believe me boss.. The toughest crash is coming in March. If there's a colour worse than red, preserve it for that time.

The G20 summit will have a great impact on the price of btc but immediately after then things should stabilize.

Just saying

Not so sure about that. What do you think matters more? Some rich people discussing crypto or lots of greedy hedge funds and investors waiting three months for a good time to invest?

The reason I said that is cause I believe the major cause of January's dip was the China blockchain energy consumption crisis. If such could cause a visible price crash then how about many countries coming to decide whether cryptocurrency as a whole is a profitable venture or a promising trend and what losses they stand to face if they allow it in their country.

But these investors sha. Their greed also is a major concern. I know what I faced with ponzi schemes when they held the floors and made everyone temporarily rich.

The Bitcoin problem are the whales. They can easily control its price. I won't forget some weeks ago (22 Dec) when the price from 17k droped to 6k for some minutes. That was the first crypto blood I saw. And I'm sure some guys from China doubled their billions just like that- mass sale > buy the dip. What makes crypto better from the banks if they can be controlled like that?

You're right though

I tend to agree I think the downward trend is going to continue until just above gold before it stabilizes. Bitcoin allowed blockchain to enter the market but many currencies bouncing back and forth between smaller communities is probably the way of the future not some single dominant entity overwhelming the entire online marketplace like bitcoin has basically done until a few years ago. my 2 p

If you use percentage as scale, we had seen it before a lot of times. Till now its usual market behaviour in crypto. I'm confident too. Bought some btc and alts yesterday, lost 20% of this investment today, but feel very calm right now :)

Everytime i watch the chart it feels like im cutting onions.. because it makes me cry.. :'(

Hodl and some day you might have tears of joy.

The depression is an opportunity for we to also make purchases at low prices, but definitely it’s going to rise

Would a short wave 5 be possible? Elliott Wave rules doesn't say that wave 5 will extend past wave 3 significantly.

Yes, a short wave 5 slightly above 7500 is possible as a truncated 5.

Is there a reason for truncation other than market hype?

If even the bears expect higher prices within the next week and literally no sellers are left, truncation happens.

Everybody has their own opinion LOL . no body can judge the BTC i think :P

Kinda see it same way...though, I don't think any rules are violated should we be wrong.

Thanks as always for the update @ew-and-patterns. I had set my target higher than yours but I am only a novice when it comes to trading, so I'm not sure how correct my anlysis is.

Thanks for sharing this update, I find it really interesting to compare your analyses with mine, so that I can see how I can improve. I would appreciate any feedback you have on my posts!

Thanks for your update.You are doing good work.Your posts are helping people.Keep it up sir

It's true you once, after you make this post do not get affected to start trading or invest if not really understand will the chart that will appear next, because if not understand it will be a boomerang for yourself.
What do you think is that right ??

I don't understand your question. Invest only what you are willing to loose.

oh yeah sorry if you don't understand what I'm talking about, but I just think if we do not understand trading then we will lose.
sorry if i'm wrong in communicating.

Very useful information

So, going by the correlation to bitcoin LTC in favor of a Bearish Trend to Retest resistance level of 100 and then further developing a downward trend with a target near 90.00 support level. Stand to be corrected.

I was already wondering, why BTC has stopped falling 😂

i'm not gud in EW..but base on my graph i'm sure that it will hit this price

i think it was the last kiss on 7555$

Oh yeah thats resistance the jobs report and fed dollar got its last .... fisa memo was the equalizer ... gotta just watch but Id say markets and dollars mythical correction has got us asking if it will remain a myth. 🤔

@ew-and-patterns are you on Discord??

If so can you please contact me. My Discord Username is arunava

I need your full username arunava#3245 for example for contacting you. What is your hash number?

Its arunava#9844

no, this user does not exist.

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Here is the Screenshot

I don't know why, but I can't give you a friend request. Try adding me #3584

Is this some kind of Sorcery

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I cant find you either

What do you think of the MACDs 1 week period that crossed for the first time in this bull market? Doesn't it look like a trend reversal?

I don't watch indicators because they are lagging behind. They only show the past, but from price patterns and EW structures I can derive a possible future.

Something here is not right to me. Wave B has 4 waves? Please elaborate because this seems quite strange

I have no idea what you are talking about. Wavestructures always have 3 or 5 waves, nothing else is possible. Yellow wave 4 that I pointed out here has 3 waves. Wave a consists of 5 waves. Wave b is a flat pattern with 3 waves, and wave c is 5 waves again. So all in all Wave 4 has 3 waves abc.

Why so many persons want to forbid bitcoin?